WAEMU's CFA franc
is issued by the Banque Centrale des Etats de l'Afrique de l'Ouest (BCEAO), while CEMAC's CFA franc
is issued by the Banque des Etats de I'Afrique Centrale (BEAC).
Critical matters concerning the operations of the CFA franc
are kept top secret and only French Treasury officials are in a position to give the exact amount of money belonging to the CFA zone countries held in the Operations Accounts.
The CFA franc
is pegged to the European single unit at a fixed parity (655.
The program incorporates a series of measures designed to alleviate the immediate consequences of the CFA franc
devaluation on the most vulnerable population groups.
The devaluation of the CFA franc
against the French franc on January 12, 1994, offered a unique opportunity for Chad to break the vicious circle of public administration disintegration and private sector decline.
This will be preceded by a single monetary zone from January 2003, which in turn will merge with the seven CFA franc
zone members: Benin, Burkina Faso, Cote d'Ivoire, Mali, Niger, Senegal and Togo.
Against this background, Benin joined other member countries of the CFA franc
zone in strengthening its adjustment strategy through a devaluation of the CFA franc
against the French franc with effect from January 12, 1994.
So far, a sliding euro has dragged the CFA franc
down with it.
Accordingly, the Government strongly supported the decision to devalue the CFA franc
against the French franc on January 12, 1994.
In theory, no, since France has guaranteed the free convertibility of the CFA franc
into the euro.
Therefore, Cote d'Ivoire joined other member countries of the CFA franc
zone in adopting a comprehensive macroeconomic strategy encompassing the devaluation of the CFA franc
against the French franc with affect from Jan.
Their currency, the CFA franc
is pegged to the euro at a fixed rate of CFA655.